UCI Paul Merage School of Business Center for Real Estate Receives Gift to Support Creation of Bill Halford Family and Bixby Land Company Student Award Endowed Fund
The University of California, Irvine Paul Merage School of Business received a monetary gift from the Bixby Land Company to support the creation of a new endowed fund at the Center for Real Estate. The Bill Halford Family and Bixby Land Company Student Award will support merit-based graduate or undergraduate students who have demonstrated a strong interest in pursuing real estate studies and participating in the Center’s activities. Bill Halford, who died earlier this year, was chief executive of the Newport Beach-based commercial real estate developer Bixby Land Co. The fourth-generation member of the Bixby family also served as chairman of the Center for Real Estate Advisory Board at the Merage School of Business during its formative years, starting in 2006. He was a passionate supporter of higher education.
Additional donations to the fund are being accepted. Contact Sharon Nakamura-Brown, center associate director, at firstname.lastname@example.org.
Greenlaw Partners Looks to Grow Portfolio with Addition of Baker Morphy
Greenlaw Partners has tapped Baker Morphy, a 15-year commercial real estate veteran, to source, manage and lease new real estate investments for the company. Morphy will continue to build and maintain his deep broker relationships as well as work alongside the firm’s institutional and private capital partners.
Newmark Knight Frank Completes Lease Renewal for Nuance Communications
Newmark Knight Frank (NKF) has announced completion of a new 34,256-square-foot lease for Nuance Communications in Agoura Hills. The restructured lease reflects a strategic space reduction providing a rent savings and tenant concessions for Nuance, a leading provider of voice and language solutions for businesses and consumers. NKF Executive managing directors David Kluth and Josef Farrar represented Nuance, while owner Norm Kravetz represented his company Realty Bancorp Equities in the transaction.
NKF Capital Markets Completes $39 Million Sale of El Segundo Office Campus
NKF Capital Markets has announced the $39 million sale of INSITE, a new two-building office campus built on the site of a former Raytheon research facility, located in El Segundo. NKF Capital Markets co-head of U.S. Capital Markets Kevin Shannon, executive managing director Ken White, senior managing directors Mike Moll and Rob Hannan and managing director Laura Stumm represented the seller, Steelwave, in the transaction. The buyer, Atlas Capital Group, was self-represented. “El Segundo is now attracting capital and yield metrics that are comparable to the most desirable West Los Angeles submarkets. It is truly a lower Westside market,” said Shannon.
Space Investment Partners Launched To Capitalize on Disruptive Forces In Real Estate
Mark Moshayedi and Ryan Gallagher have formed Space Investment Partners, an Irvine-based commercial real estate operating company. Moshayedi is a serial entrepreneur who has created hundreds of millions of dollars in enterprise value through companies he has built. Gallagher spent the last eight and a half years as a senior managing director and co-head of the Orange County office at HFF. David Hirsh, a former Blackstone executive, will join them taking on the role of senior advisor.
Space Investment Partners is a fully integrated real estate investment, development and management firm. Combined, Moshayedi, Gallagher and Hirsch have more than 60 years of experience representing the largest owners of real estate in the country completing over $47 billion in transactions across office, retail, industrial, hotel and apartments throughout the U.S.
Shea Properties started construction on Shea Business Center, a new, state-of-the-art industrial park located on the former ITT site on Dyer Road in Santa Ana, CA. The recently acquired property will offer roughly 500,000 square feet of Class A industrial space, consisting of nine buildings, and is anticipated to be available for occupancy in October 2019. According to Shea Properties’ Jon Marchiorlatti, “New industrial buildings are a scarcity in Orange County, and the central location makes it perfect for existing or established businesses looking for a home here in Southern California–or for anyone looking for a last-mile distribution solution.”
Irvine Company signed a 55,450-square-foot lease with LPA Design Studios, which will be occupying space of the former Broadcom headquarters at UCI Research Park in Irvine, CA. The relocation to 5301 California will involve consolidating current office space at 5161 California and 130 Theory. LPA expects to move to its newly designed space in March 2019. The relocation is fitting for LPA, an Irvine-based firm that played a key role in the master-planned design, landscape architecture and signage identity of UCI Research Park, which opened in 1996. The 185-acre business park is home to more than 75 companies and more than 8,000 employees, including Cisco Systems, Intel, Skyworks and Toshiba America.
CBRE Global Investors signed a long-term lease for 32,000 square feet at Brookfield Properties’ Figueroa at Wilshire in downtown LA. The asset investment management firm is relocating its HQ from nearby City National Plaza. CBRE Global Investors’ Andrew Glanzman says, “This decision marks the culmination of more than three years of work in which we evaluated our current office, gathered input from our employees about work patterns and how they use space, assessed our options in the Los Angeles market and, most importantly, weighed how our real estate decisions could best support our business objectives.” CBRE’s R. Todd Doney represented the tenant, while the landlord was represented in-house by Marin Turney, Ian Gilbert and John Barganski.